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Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended April 30, 2021
OR
 Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ____________ to ____________ .
Commission File Number 0-21180
intu-20210430_g1.jpg
INTUIT INC.
(Exact name of registrant as specified in its charter)
Delaware77-0034661
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

2700 Coast Avenue, Mountain View, CA 94043
(Address of principal executive offices, including zip code)

(650944-6000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 Title of each classTrading SymbolName of each exchange on which registered
 Common Stock, $0.01 par valueINTUNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting
company
Emerging growth
company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. 273,259,266 shares of Common Stock, $0.01 par value, were outstanding at May 19, 2021.



INTUIT INC.
FORM 10-Q
INDEX
Page
 
 
Intuit, the Intuit logo, QuickBooks, TurboTax, Mint, Lacerte, ProSeries, Intuit ProConnect, Credit Karma, and the Credit Karma logo, among others, are registered trademarks and/or registered service marks of Intuit Inc., or one of its subsidiaries, in the United States and other countries. Other parties’ marks are the property of their respective owners.
 Intuit Q3 Fiscal 2021 Form 10-Q
2


Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. These risks and uncertainties may be amplified by the coronavirus (“COVID-19”) pandemic, which has caused significant global economic instability and uncertainty. The extent to which the COVID-19 pandemic impacts Intuit’s business, operations, financial results, and financial condition, including the duration and magnitude of such effects, will depend on numerous evolving factors, which are highly uncertain and cannot be predicted, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or respond to its impact, and how quickly and to what extent normal economic and operating conditions can resume. Please also see the section entitled "Risk Factors" in Item 1A of Part II of this Report for important information to consider when evaluating these statements. All statements in this report, other than statements that are purely historical, are forward-looking statements. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “forecast,” “estimate,” “seek,” and similar expressions also identify forward-looking statements. In this report, forward-looking statements include, without limitation, the following:
our expectations and beliefs regarding future conduct and growth of the business;
statements regarding the impact of the COVID-19 pandemic on our business;
our beliefs and expectations regarding seasonality, competition and other trends that affect our business;
our expectation that we will continue to invest significant resources in our product development, marketing and sales capabilities;
our expectation that we will continue to invest significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities;
our expectation that we will work with the broader industry and government to protect our customers from fraud;
our expectation that we will generate significant cash from operations;
our expectation that total service and other revenue as a percentage of our total revenue will continue to grow;
our expectations regarding the development of future products, services, business models and technology platforms and our research and development efforts;
our assumptions underlying our critical accounting policies and estimates, including our judgments and estimates regarding revenue recognition; stock volatility and other assumptions used to estimate the fair value of share-based compensation; the fair value of goodwill; and expected future amortization of acquired intangible assets;
our intention not to sell our investments and our belief that it is more likely than not that we will not be required to sell them before recovery at par;
our belief that the investments we hold are not other-than-temporarily impaired;
our belief that we take prudent measures to mitigate investment related risks;
our belief that our exposure to currency exchange fluctuation risk will not be significant in the future;
our assessments and estimates that determine our effective tax rate;
our belief that it is not reasonably possible that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months;
our belief that our cash and cash equivalents, investments and cash generated from operations will be sufficient to meet our seasonal working capital needs, capital expenditure requirements, contractual obligations, debt service requirements and other liquidity requirements associated with our operations for at least the next 12 months;
our expectation that we will return excess cash generated by operations to our stockholders through repurchases of our common stock and the payment of cash dividends, after taking into account our operating and strategic cash needs;
our judgments and assumptions relating to our loan portfolio;
our belief that the credit facilities will be available to us should we choose to borrow under them; and
our assessments and beliefs regarding the future developments and outcomes of pending legal proceedings and inquiries by regulatory authorities, the liability, if any, that Intuit may incur as a result of those proceedings and inquiries, and the impact of any potential losses or expenses associated with such proceedings or inquiries on our financial statements.
We caution investors that forward-looking statements are only predictions based on our current expectations about future events and are not guarantees of future performance. We encourage you to read carefully all information provided in this Quarterly Report and in our other filings with the Securities and Exchange Commission before deciding to invest in our stock or to maintain or change your investment. These forward-looking statements are based on information as of the filing date of this Quarterly Report, and we undertake no obligation to revise or update any forward-looking statement for any reason.
 Intuit Q3 Fiscal 2021 Form 10-Q
3

Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 Three Months EndedNine Months Ended
(In millions, except per share amounts)April 30, 2021April 30, 2020April 30, 2021April 30, 2020
Net revenue:  
Product$533 $443 $1,395 $1,341 
Service and other3,640 2,559 5,677 4,522 
Total net revenue4,173 3,002 7,072 5,863 
Costs and expenses:  
Cost of revenue:  
Cost of product revenue16 16 53 57 
Cost of service and other revenue565 405 1,130 982 
Amortization of acquired technology14 5 35 17 
Selling and marketing857 648 1,799 1,624 
Research and development464 332 1,157 999 
General and administrative289 181 708 486 
Amortization of other acquired intangible assets54 2 92 5 
Total costs and expenses2,259 1,589 4,974 4,170 
Operating income1,914 1,413 2,098 1,693 
Interest expense(7)(2)(22)(7)
Interest and other income (loss), net14 (3)77 26 
Income before income taxes1,921 1,408 2,153 1,712 
Income tax provision457 324 471 331 
Net income$1,464 $1,084 $1,682 $1,381 
Basic net income per share$5.36 $4.15 $6.26 $5.29 
Shares used in basic per share calculations273 261 269 261 
Diluted net income per share$5.30 $4.11 $6.20 $5.24 
Shares used in diluted per share calculations276 264 271 264 
Cash dividends declared per common share$0.59 $0.53 $1.77 $1.59 
See accompanying notes.
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INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
 Three Months EndedNine Months Ended
(In millions)April 30, 2021April 30, 2020April 30, 2021April 30, 2020
Net income$1,464 $1,084 $1,682 $1,381 
Other comprehensive income (loss), net of income taxes:
Unrealized loss on available-for-sale debt securities(2)(2)(3) 
Foreign currency translation gain (loss)1 (7)11 (8)
Total other comprehensive income (loss), net(1)(9)8 (8)
Comprehensive income$1,463 $1,075 $1,690 $1,373 
See accompanying notes.

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INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In millions)April 30,
2021
July 31,
2020
ASSETS  
Current assets:  
Cash and cash equivalents$3,164 $6,442 
Investments952 608 
Accounts receivable, net554 149 
Income taxes receivable4 12 
Prepaid expenses and other current assets305 314 
Current assets before funds held for customers4,979 7,525 
Funds held for customers348 455 
Total current assets5,327 7,980 
Long-term investments41 19 
Property and equipment, net791 734 
Operating lease right-of-use assets370 226 
Goodwill5,614 1,654 
Acquired intangible assets, net3,321 28 
Long-term deferred income taxes7 65 
Other assets287 225 
Total assets$15,758 $10,931 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Short-term debt$ $1,338 
Accounts payable601 305 
Accrued compensation and related liabilities476 482 
Deferred revenue650 652 
Income taxes payable218 11 
Other current liabilities419 286 
Current liabilities before customer fund deposits2,364 3,074 
Customer fund deposits348 455 
Total current liabilities2,712 3,529 
Long-term debt2,033 2,031 
Long-term deferred income tax liabilities637 2 
Operating lease liabilities365 221 
Other long-term obligations56 42 
Total liabilities5,803 5,825 
Commitments and contingencies
Stockholders’ equity:  
Preferred stock  
Common stock and additional paid-in capital10,382 6,182 
Treasury stock, at cost(12,484)(11,929)
Accumulated other comprehensive loss(24)(32)
Retained earnings12,081 10,885 
Total stockholders’ equity9,955 5,106 
Total liabilities and stockholders’ equity$15,758 $10,931 
See accompanying notes
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.
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
Three Months Ended April 30, 2021
(In millions, except shares in thousands)Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at January 31, 2021273,961 $10,212 $(12,104)$(23)$10,783 $8,868 
Comprehensive income— — — (1)1,464 1,463 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes423 (48)— — — (48)
Stock repurchases under stock repurchase programs(954)— (380)— — (380)
Dividends and dividend rights declared ($0.59 per share)
— — — — (166)(166)
Share-based compensation expense— 218 — — — 218 
Balance at April 30, 2021273,430 $10,382 $(12,484)$(24)$12,081 $9,955 
Nine Months Ended April 30, 2021
(In millions, except shares in thousands)Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at July 31, 2020261,740 $6,182 $(11,929)$(32)$10,885 $5,106 
Comprehensive income— — — 8 1,682 1,690 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes1,790 (108)— — — (108)
Stock repurchases under stock repurchase programs(1,424)— (555)— — (555)
Dividends and dividend rights declared ($1.77 per share)
— — — — (486)(486)
Share-based compensation expense— 510 — — — 510 
Issuance of stock in business combination11,324 3,798 — — — 3,798 
Balance at April 30, 2021273,430 $10,382 $(12,484)$(24)$12,081 $9,955 
Three Months Ended April 30, 2020
(In millions, except shares in thousands)Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at January 31, 2020260,517 $6,014 $(11,889)$(35)$9,637 $3,727 
Comprehensive income— — — (9)1,084 1,075 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes369 14 — — — 14 
Stock repurchases under stock repurchase programs(137)— (40)— — (40)
Dividends and dividend rights declared ($0.53 per share)
— — — — (140)(140)
Share-based compensation expense— 104 — — — 104 
Balance at April 30, 2020260,749 $6,132 $(11,929)$(44)$10,581 $4,740 
Nine Months Ended April 30, 2020
(In millions, except shares in thousands)Shares of
Common
Stock
Common
Stock and
Additional
Paid-In Capital
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Total
Stockholders'
Equity
Balance at July 31, 2019260,180 $5,775 $(11,611)$(36)$9,621 $3,749 
Comprehensive income— — — (8)1,381 1,373 
Issuance of stock under employee stock plans, net of shares withheld for employee taxes1,745 33 — — — 33 
Stock repurchases under stock repurchase programs(1,176)— (318)— — (318)
Dividends and dividend rights declared ($1.59 per share)
— — — — (421)(421)
Share-based compensation expense— 324 — — — 324 
Balance at April 30, 2020260,749 $6,132 $(11,929)$(44)$10,581 $4,740 
See accompanying notes.
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INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Nine Months Ended
(In millions)April 30, 2021April 30, 2020
Cash flows from operating activities:  
Net income$1,682 $1,381 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation122 145 
Amortization of acquired intangible assets128 23 
Non-cash operating lease cost45 46 
Share-based compensation expense509 321 
Deferred income taxes69 (102)
Other(49)22 
Total adjustments824 455 
Originations of loans held for sale(41) 
Sale and principal payments of loans held for sale144  
Changes in operating assets and liabilities:
Accounts receivable(267)(132)
Income taxes receivable68 58 
Prepaid expenses and other assets(7)(55)
Accounts payable194 111 
Accrued compensation and related liabilities(122)(32)
Deferred revenue(13)15 
Income taxes payable206 322 
Operating lease liabilities(45)(42)
Other liabilities85 46 
Total changes in operating assets and liabilities99 291 
Net cash provided by operating activities2,708 2,127 
Cash flows from investing activities:  
Purchases of corporate and customer fund investments(904)(487)
Sales of corporate and customer fund investments152 105 
Maturities of corporate and customer fund investments401 408 
Purchases of property and equipment(101)(107)
Acquisitions of businesses, net of cash acquired(3,064) 
Originations of term loans to small businesses(135)(240)
Principal repayments of term loans from small businesses86 229 
Other37 (19)
Net cash used in investing activities(3,528)(111)
Cash flows from financing activities:  
Repayments on borrowings under unsecured revolving credit facility(1,000) 
Repayment of debt(338)(38)
Proceeds from issuance of stock under employee stock plans137 160 
Payments for employee taxes withheld upon vesting of restricted stock units(245)(128)
Cash paid for purchases of treasury stock(542)(323)
Dividends and dividend rights paid(482)(419)
Net change in customer fund deposits(107)(47)
Other(2)(1)
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Net cash used in financing activities(2,579)(796)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents14 (12)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents(3,385)1,208 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period6,697 2,352 
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$3,312 $3,560 
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows
Cash and cash equivalents$3,164 $3,371 
Restricted cash and restricted cash equivalents included in funds held for customers148 189 
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$3,312 $3,560 
Supplemental schedule of non-cash investing activities:
Issuance of common stock in a business combination$3,798 $ 
See accompanying notes.
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INTUIT INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
1. Description of Business and Summary of Significant Accounting Policies
Description of Business
Intuit helps consumers, small businesses, and the self-employed prosper by delivering financial management and compliance products and services. We also provide specialized tax products to accounting professionals, who are key partners that help us serve small business customers.
Our flagship brands, QuickBooks, TurboTax, and Mint, help customers run their small businesses, pay employees and send invoices, separate business and personal expenses, track their money, and file income taxes. ProSeries and Lacerte are our leading tax preparation offerings for professional accountants. On December 3, 2020 we acquired Credit Karma, Inc. (Credit Karma), a consumer technology platform that enables us to provide personalized financial offers to members including credit cards, loans, insurance, and savings and checking accounts. Incorporated in 1984 and headquartered in Mountain View, California, we sell our products and services primarily in the United States.
Basis of Presentation
These condensed consolidated financial statements include the financial statements of Intuit and its wholly owned subsidiaries. We have eliminated all significant intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation, including amounts related to reportable segments. In August 2020, we reorganized certain technology and customer success functions that support and benefit our overall platform. Additionally, certain legal, facility and employee service costs are now managed at the corporate level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the three and nine months ended April 30, 2020, we reclassified $43 million and $131 million from Small Business & Self-Employed, $29 million and $82 million from Consumer, and $3 million and $10 million from ProConnect to other corporate expenses. In August 2020, we also renamed our Strategic Partner segment as the ProConnect segment. This segment continues to serve professional accountants. See Note 12, "Segment Information," for more information.
On December 3, 2020 we acquired Credit Karma, a consumer technology platform. We have included the results of operations for Credit Karma in our condensed consolidated statements of operations from the date of acquisition. Credit Karma operates as a separate reportable segment. See Note 12, "Segment Information," for more information.
These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. Results for the nine months ended April 30, 2021 do not necessarily indicate the results we expect for the fiscal year ending July 31, 2021 or any other future period.
Seasonality
Our Consumer and ProConnect offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.
Due to the COVID-19 pandemic, the timing of tax filing seasons for fiscal 2021 and fiscal 2020 varied significantly. In fiscal 2020, the IRS began accepting returns on January 27, 2020 and the tax filing deadline was July 15, 2020. In fiscal 2021, the IRS began accepting returns on February 12, 2021 and the tax filing deadline was May 17, 2021. The inconsistent tax filing seasons during fiscal 2021 and 2020 impacted our revenue and results of operations for the three and nine months ended April 30, 2021 and April 30, 2020.
Significant Accounting Policies
We describe our significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. See the discussion of changes to our policy for revenue recognition due to the acquisition of Credit Karma below and the adoption of accounting pronouncements in "Accounting Standards Recently Adopted" below. There have been no other changes to our significant accounting policies during the first nine months of fiscal 2021.
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Revenue Recognition Update
Revenue from our Credit Karma segment is primarily comprised of revenue from the delivery of qualified links that result in completed actions, or cost-per-action transactions. Credit Karma also generates revenue from cost-per-click, cost-per-lead, and to a lesser extent, cost-per-advertisement impression transactions. All revenue from our Credit Karma segment is included in service and other revenue on our condensed consolidated statement of operations.
Cost-per-action revenue is earned based on a pre-determined fee for approved actions such as when credit cards are issued or when personal loans and other loans to businesses are funded and is recognized as the actions are completed.
Cost-per-click and cost-per-lead revenue is primarily related to mortgage and insurance businesses. Cost-per-click revenue is earned as users click on our customers' advertisements and is recognized based on the number of clicks recorded each month. Cost-per-lead revenue is earned via customer advertisements that allow the generation of leads from consumers interested in the advertised products and is recognized at the time a consumer request or lead is delivered to the customer.
Use of Estimates
In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, and the fair value of assets acquired and liabilities assumed for business combinations. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. Additionally, in the context of the ongoing global COVID-19 pandemic, while there has been no material impact on our estimates to date, in future periods, facts and circumstances could change and impact our estimates.
Computation of Net Income (Loss) Per Share
We compute basic net income or loss per share using the weighted average number of common shares outstanding during the period. We compute diluted net income per share using the weighted average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method.
We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares.
All of the RSUs we grant have dividend rights. Dividend rights are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities and we do not present them separately in earnings per share.
In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded.
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The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated.
 Three Months EndedNine Months Ended
(In millions, except per share amounts)April 30, 2021April 30, 2020April 30, 2021April 30, 2020
Numerator:    
Net income$1,464 $1,084 $1,682 $1,381 
Denominator:    
Shares used in basic per share amounts:    
Weighted average common shares outstanding273 261 269 261 
Shares used in diluted per share amounts:
Weighted average common shares outstanding273 261 269 261 
Dilutive common equivalent shares from stock options
and restricted stock awards3 3 2 3 
Dilutive weighted average common shares outstanding276 264 271 264 
Basic and diluted net income per share:    
Basic net income per share$5.36 $4.15 $6.26 $5.29 
Diluted net income per share$5.30 $4.11 $6.20 $5.24 
Shares excluded from diluted net income per share:
Weighted average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect    
Deferred Revenue
We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three and nine months ended April 30, 2021, we recognized revenue of $83 million and $626 million, respectively, that was included in deferred revenue at July 31, 2020. During the three and nine months ended April 30, 2020, we recognized revenue of $89 million and $598 million, respectively, that was included in deferred revenue at July 31, 2019.
Our performance obligations are generally satisfied within 12 months of the initial contract date. As of April 30, 2021 and July 31, 2020, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $7 million and $13 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets.
Notes Receivable and Allowances for Loan Losses
Notes receivable held for investment consist of term loans to small businesses and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. As of April 30, 2021 and July 31, 2020, the notes receivable balances were $93 million and $40 million, respectively, and the allowances for loan losses were not material. The term loans are not secured and are recorded at amortized cost, net of allowances for loan losses. We maintain an allowance for loan losses to reserve for potentially uncollectible notes receivable. We evaluate the creditworthiness of our loan portfolio on a pooled basis due to its composition of small, homogeneous loans with similar general credit risk and characteristics and apply a loss rate at the time of loan origination. The loss rate and underlying model are updated periodically to reflect actual loan performance and changes in assumptions. We make judgments about the known and inherent risks in the loan portfolio, adverse situations that may affect borrowers’ ability to repay and current economic conditions. When we determine that amounts are uncollectible, we write them off against the allowance.
Paycheck Protection Program – In April 2020, Intuit was approved as a non-bank Small Business Administration (SBA) lender for the Paycheck Protection Program (PPP). The PPP was authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide small businesses loans to pay payroll and group health costs, salaries and commissions, mortgage and rent payments, utilities, and interest on other debt which is designed to provide assistance to small businesses during the COVID-19 pandemic. Lending under the program expired on August 8, 2020. All of the loans held for sale under this program have been sold. When loans under this program do not qualify to be sold, they are held for investment. As of April 30, 2021 and July 31, 2020, PPP loans held for investment were not material and are included in prepaid expenses and other current assets and other assets on our condensed consolidated balance sheets. The SBA re-opened the PPP in January 2021 under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. We are marketing and referring small businesses to another lender under the re-opened program, but will not be originating or servicing loans in this round of the program.
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Concentration of Credit Risk and Significant Customers
No customer accounted for 10% or more of total net revenue in the three or nine months ended April 30, 2021 or April 30, 2020. No customer accounted for 10% or more of gross accounts receivable at April 30, 2021 or July 31, 2020.
Accounting Standards Recently Adopted
Internal-Use SoftwareIn August 2018 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-15, “Intangibles—Goodwill and Other (Topic 350): Internal-Use Software.” This standard aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis. The adoption did not have a material impact on our condensed consolidated financial statements.
Goodwill Impairment In January 2017 the FASB issued ASU 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This standard eliminates Step 2 from the goodwill impairment test. Instead, an entity should compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020 on a prospective basis and will apply the guidance during our annual goodwill impairment test for the year ending July 31, 2021. The adoption did not have a material impact on our condensed consolidated financial statements.
Financial Instruments In June 2016 the FASB issued ASU 2016-13, “Financial Instruments—Credit Losses (Topic 326).” This standard requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. We adopted this standard in the first quarter of our fiscal year beginning August 1, 2020. The adoption did not have a material impact on our condensed consolidated financial statements.
2. Fair Value Measurements
Fair Value Hierarchy
The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability.
The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows:
Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities.
Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities.
Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above.
April 30, 2021July 31, 2020
(In millions)Level 1Level 2Total
Fair Value
Level 1Level 2Total
Fair Value
Assets:      
Cash equivalents, primarily money market funds and time deposits$2,090 $ $2,090 $5,765 $ $5,765 
Available-for-sale debt securities:      
Municipal bonds 34 34  9 9 
Corporate notes 1,061 1,061  752 752 
U.S. agency securities 57 57  47 47 
Total available-for-sale debt securities 1,152 1,152  808 808 
Total assets measured at fair value on a recurring basis$2,090 $1,152 $3,242 $5,765 $808 $6,573 
Liabilities:
Senior unsecured notes(1)
$ $1,980 $1,980 $ $2,042 $2,042 
(1) Carrying value on our balance sheets at April 30, 2021 and July 31, 2020 was $1.99 billion and $1.98 billion, respectively. See Note 7, “Long-Term Obligations and Commitments,” for more information.

The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.
April 30, 2021July 31, 2020
(In millions)Level 1Level 2Total
Fair Value
Level 1Level 2Total
Fair Value
Cash equivalents:      
In cash and cash equivalents$2,090 $ $2,090 $5,765 $ $5,765 
Available-for-sale debt securities:      
In investments$ $952 $952 $ $608 $608 
In funds held for customers 200 200  200 200 
Total available-for-sale debt securities$ $1,152 $1,152 $ $808 $808 
We value our Level 1 assets, consisting primarily of money market funds and time deposits, using quoted prices in active markets for identical instruments.
Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of municipal bonds, corporate notes, and U.S. agency securities. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Our fair value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments. These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate.
Financial assets whose fair values we measure using Level 3 inputs consist of loans held for sale. These loans are recorded at the lower of cost or fair value and totaled $98 million at July 31, 2020. The difference between cost and fair value on that date was not material. We had no loans held for sale at April 30, 2021.
Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes. See Note 7, “Long-Term Obligations and Commitments,” for more information. We measure the fair value of our senior unsecured notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms.
There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the nine months ended April 30, 2021.
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Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
Long-term investments represent non-marketable equity securities in privately held companies that do not have a readily determinable fair value. They are accounted for at cost and adjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer or impairment. These investments are classified as Level 3 in the fair value hierarchy because we estimate the value based on valuation methods which may include a combination of the observable transaction price at the transaction date and other unobservable inputs including volatility, rights, and obligations of the investments we hold. As of April 30, 2021 and July 31, 2020, the carrying value of long-term investments was $41 million and $19 million, respectively, and adjustments to the carrying value of these investments for the nine months ended April 30, 2021 were not significant.
3. Cash and Cash Equivalents, Investments, and Funds Held for Customers
We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds and time deposits. Investments consist primarily of investment-grade available-for-sale debt securities. Funds held for customers represent cash held on behalf of our customers that is invested in cash and cash equivalents and investment-grade available-for-sale securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. Except for direct obligations of the United States government, securities issued by agencies of the United States government, and money market funds, we diversify our investments in debt securities by limiting our holdings with any individual issuer.
The following table summarizes our cash and cash equivalents, investments, and funds held for customers by balance sheet classification at the dates indicated.
 April 30, 2021July 31, 2020
(In millions)Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Classification on condensed consolidated balance sheets:    
Cash and cash equivalents$3,164 $3,164 $6,442 $6,442 
Investments948 952 600 608 
Funds held for customers347 348 455 455 
Total cash and cash equivalents, investments, and funds
held for customers
$4,459 $4,464 $7,497 $7,505 
The following table summarizes our cash and cash equivalents, investments, and funds held for customers by investment category at the dates indicated.
 April 30, 2021July 31, 2020
(In millions)Amortized
Cost
Fair ValueAmortized
Cost
Fair Value
Type of issue:    
Total cash, cash equivalents, restricted cash,
and restricted cash equivalents
$3,312 $3,312 $6,697 $6,697 
Available-for-sale debt securities:
Municipal bonds34 34 9 9 
Corporate notes1,057 1,061 744 752 
U.S. agency securities56 57 47 47 
Total available-for-sale debt securities1,147 1,152 800 808 
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments$4,459 $4,464